HW2 - Payment # Ending Balance 1 $24,500.00 ($633.15)...

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Purpose: Developer: Term Created or Last Modified User Instructions for Loan Calculator:
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Fall 2009 Marilyn Griffin Enter loan specifics in the "Loan Inputs" section of the LoanData worksheet. The interest rate should automatically appear when a credit score is entered. Chapter 3: Designed to have students complete the loan calculator model using Excel formulas and functions. The amortization table may need to be extended for longer loan terms. To extend the table, select the last row of the amortization table and use the fill handle to paste down to subsequent rows. The number of payment rows should represent the number of months required to amortize the loan.
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Loan Inputs Interest Rate Lookup Terms Customer Name Credit Score Interest Rate 2 Credit Score 750 0 Disqualified 3 Purchase Price $28,500 500 9.00% 5 Down Payment $4,000 600 6.90% 7 Loan Term 3 (years) 700 4.90% 10 800 1.90% Payment Results Payment: ($733.19) per month Interest Rate: 4.90% per year Loan Term: 3.00 years Loan Amount: $24,500.00
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Unformatted text preview: Payment # Ending Balance 1 $24,500.00 ($633.15) ($100.04) ($633.15) ($100.04) $23,866.85 2 $23,866.85 ($635.73) ($97.46) ($1,268.88) ($197.50) $23,231.12 3 $23,231.12 ($638.33) ($94.86) ($1,907.20) ($292.36) $22,592.80 4 $22,592.80 ($640.93) ($92.25) ($2,548.14) ($384.61) $21,951.86 5 $21,951.86 ($643.55) ($89.64) ($3,191.69) ($474.25) $21,308.31 6 $21,308.31 ($646.18) ($87.01) ($3,837.87) ($561.26) $20,662.13 7 $20,662.13 ($648.82) ($84.37) ($4,486.68) ($645.63) $20,013.32 8 $20,013.32 ($651.47) ($81.72) ($5,138.15) ($727.35) $19,361.85 9 $19,361.85 ($654.13) ($79.06) ($5,792.28) ($806.41) $18,707.72 10 $18,707.72 ($656.80) ($76.39) ($6,449.07) ($882.80) $18,050.93 11 $18,050.93 ($659.48) ($73.71) ($7,108.55) ($956.51) $17,391.45 12 $17,391.45 ($662.17) ($71.02) ($7,770.73) ($1,027.52) $16,729.27 Beginning Balance Current Principal Paid Current Interest Paid Total Principal Paid Total Interest Paid...
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This note was uploaded on 08/15/2011 for the course ACIS 2504 at Virginia Tech.

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HW2 - Payment # Ending Balance 1 $24,500.00 ($633.15)...

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